Trading not a get rich quick - page 8.

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Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

~

After my experience with SAFEMOON, I will never, ever try investing into meme coins again.. or maybe I will with DOGE, if I got bumped, and unfortunately my head got hit.

Trading isn't a get-rich quick scheme. I hope that traders know that, and I think the ones who has this kind of thinking when it comes to trading are the new traders who they think that they can get rich in trading that easy. If only trading is that easy then all of us would've been rich by now. Now that we have futures trading, most of the traders especially the newbie ones are jumping, and trading on it not knowing the risks that they can face while trading on futures.

Well, it's good that the perpetrator got arrested with what he did. There are some people out there who did the same, or got even higher amounts of money, but didn't get arrested unfortunately. Overall, I hope this serves as a lesson for those newbie traders out there that don't touch meme coins because anytime soon, they will just diminish alongside with your money if you invested into it.

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Any trader coming into Trading with the mindset of getting rich quick is just getting the whole stuff about trading wrong, trading requires patient, with a slow and steady method and not wholy depending on trading to earn a living, that's definitely gonna put you up trading on pressure, though for some people that could be a major source of income for them. Most of unsuccessful traders today enters in to trading with such mindset which have resulted into blowing up there trading account.

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Quote from: duckalis on May 02, 2023, 05:49:52 PM

Why does a reputable media like CoinTelegraph call meme cryptos ‘stocks’? Is Dogecoin or Shiba Inu a stock? Of course not. Even security tokens and equity tokens can’t be called that.

That's just for their readers for them to easier to understand. It's easier for them to relay to their audiences if they'll just call it meme stocks, instead of meme cryptos. But I do get the point and they should call it as is because that's what should be called.
Other than that, I'm thinking that it's just all about these jargon words that they're avoiding for their readers to get some attention and can easily relate to what they're telling and specifying about the subject matter.

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Recently people now are making gambling with the shitcoins because we know how it goes into an instant profit but not this kind of story always happens, for some reason, some lucky people get an entry into altcoins or these kinds of coins and take profit once they make an excellent multiplier of their investments, and some of the people getting courage with this motivational content by them and hoping it will happen this at them which is not impossible but luck. If you are an investor and have a extra for an investment this is ideal but taking all your money in a single pot this makes risk all of your money, not in the crypto space are guru they are just lucky enough to manage the risk.

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That would be the most stupid idea I ever encounter here in forum ,
those people that seeks chances to be instant millionaire , even wanting to find GEM so they will be rich when they woke up in the morning lol.

actually trading is something similar to Holding and yes , if you wanted to become richer then you must be ready in holding or keeping your coins once it fails you to earn.

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Quote from: Ryu_Ar1 on April 28, 2023, 03:32:14 PM

He made two mistakes in this regard,
1. being in meme stocks
2. using other people's money that is not his right with the aim of restoring his condition that has lost a lot.

This is obviously ridiculous when we know that being in memes is something that may not even be recommended if we don't have momentum and can enter and exit in the right way.
On the other hand, many have also emphasized in this case, Invest according to our abilities and never do this with borrowed money if we cannot be responsible for it, especially since he is consciously embezzling money and it is really ridiculous.
He is wretched for his own actions.

Exactly. Using the embezzled money in meme "stocks" are ridiculous and you're not in your right mind if you invest in meme coins using the money that is not yours. Is he thinking this can make him rich? Even if you invest in Bitcoin or other established coins we can't 100% guarantee a good result, so what can you expect if you chose meme coins instead the ones that are already established? It's a huge mistake if you believe this can make you rich quick.

Anyway, it's an eye opener for many people to not think that you can get rich in snap. Because it depends on where you invest, your knowledge about it and how patient you are to wait because it can take a long period. In addition, don't try to trade if you have no money of your own to start your journey.

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Quote from: carlfebz2 on May 02, 2023, 03:20:01 PM

Trading isnt really that a get rich quick kind of thing because it does involved skills and knowledge when dealing up with it, if you arent really that good enough on this then expect you would really be having
that kind of outcome or results which isnt something according into your likes but of course it would really be just normal that you should really be that versatile or would be able to adapt and make out
adjustments if you wanted to. We should really be having that realistic approach on to this because if you would really be having those expectations then you would
likely be comitting lots of errors and mistakes along the way which we should really be needing to avoid on the first place.

Let me tell ya that if I had continued to day trade before, I would have been homeless until today. Trading is not meant for everybody and I have been telling people/users from that. It's perfectly fine if you're a hodler or do other strategies in trading crypto.
It never was meant to be a "get rich quick kind of thing" like you said and in fact, it could be "get broke quick". Some people are just really gifted to do these kinds of things.
HODL if you can only afford to HODL.

Quote from: duckalis on May 02, 2023, 05:49:52 PM

Why does a reputable media like CoinTelegraph call meme cryptos ‘stocks’? Is Dogecoin or Shiba Inu a stock? Of course not. Even security tokens and equity tokens can’t be called that.

Considering how popular meme coins became, I am not surprised anymore that they were called "stocks", lol.

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Why does a reputable media like CoinTelegraph call meme cryptos ‘stocks’? Is Dogecoin or Shiba Inu a stock? Of course not. Even security tokens and equity tokens can’t be called that.

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Quote from: arwin100 on May 02, 2023, 09:05:08 AM

Quote from: jeraldskie11 on May 02, 2023, 06:32:36 AM

Quote from: Oshosondy on May 02, 2023, 05:51:08 AM

I do not see the market changing at all, but trading is just not easy at all. Trading is easy to learn, but to use it to make money is not easy. The scariest thing about trading is that you can be professional and still lose

I didn't say the market was changing; I stated the market's habits were changing. If the market's habit is permanent, then we must all be profitable because the strategy we backtested has a better win rate. We all know that knowing the basics of trading is not difficult, but when we apply it in actual, it involves emotions every time we trade, which makes it tough to execute. Professional traders continue to lose money, but overall they are still profitable.

The phase is changing depends on the manipulation or the sentiment of the people. Although its not easy to get rich on trading but if we know the technical aspects it can increase our chances to win on our trades .

But the main thing on trading is we shouldn't get our emotion defeat us especially becoming more greedy since this is the one could give us a problem on our trades made.

That is why, before we trade, we must ensure that our emotions are normal. Trading requires more than just market analysis. Even if we are very excellent at it, if our emotions continue to govern us, we will lose. To accomplish this, we must understand psychology by reading books such as Trading in the Zone and Atomic Habits and it is recommended by most profitable traders. If we accomplish this, we will be able to keep to our plan and avoid the revenge trade, which is extremely risky for our port.

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This is a basic understanding that must be owned by every serious person in the crypto business, especially those who want to trade or invest in crypto. Because often I hear someone wants to quickly get a lot of money by trading in crypto. I often see how affiliates or influencers try to influence potential traders to trade with such high promises. Whereas in reality this is not the case... Trading is not that easy to make someone rich. On the contrary, it can actually make someone poor faster, especially because he is not capable of trading but forces it like gambling.

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Some people thinking,the short way to get rich by the trading,but it’s apply after certain period of time.This is not the short phenomenon,some greedy traders invest their money and try to get rich in one month.Actually it takes huge work of trading with different capital.Mostly the money to the trading should be increased with the increase in the profit.Every profit should be added in the way that the profit also increased gradually.When you are face the bear market,just hold the coin without any hesitation.Anything can be changed over a night.So we need to wait til that night for the pump.Bear market is not the permanent one.

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Quote from: Silberman on May 02, 2023, 02:44:25 PM

Quote from: imamusma on May 02, 2023, 11:19:08 AM

There is no guarantee that investors and traders can become rich because of their activities, that's because there are many factors that ultimately are not profitable for them. The most common thing that is often said is price volatility, while another is about the risk of the security of the storage wallet.

Anyone can expect to become rich by trading and investing, but they must be well versed in managing the risks involved. Strategy and self-control and a few other things have to be considered, so it has to be pretty balanced with the plans they have. I agree that it is not good to hope for quick riches with trading and investing, it means that we all have to go through a process that takes time.

One of the main problems with most traders is that they never really make a plan in the case they fail, it is obvious that this person assumed they could trade the markets with money that was not theirs, earn a fortune and then return the money that they took and no one will ever realize what they did, it seems that it never crossed their minds that there was a really high possibility that they will not get good results, especially since they decided to invest in meme coins, so if there is any newbie traders out there reading this then you need to make plans in the case you fail, it is obvious that is a scenario no one wants to happen to them, but it can happen regardless of whether you like it or not.

Always have the behavior on having that Plan B or Plan C or so on when your Plan A didnt work out but as much as possible which you should really be that serious on following your plan A. We know that not every

analysis and predictions we do made arent precisely able to follow or would happen and this is why it would really be just that right on making out some adjustments which it would be just a normal approach.

Trading isnt really that a get rich quick kind of thing because it does involved skills and knowledge when dealing up with it, if you arent really that good enough on this then expect you would really be having
that kind of outcome or results which isnt something according into your likes but of course it would really be just normal that you should really be that versatile or would be able to adapt and make out
adjustments if you wanted to. We should really be having that realistic approach on to this because if you would really be having those expectations then you would
likely be comitting lots of errors and mistakes along the way which we should really be needing to avoid on the first place.

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Quote from: imamusma on May 02, 2023, 11:19:08 AM

There is no guarantee that investors and traders can become rich because of their activities, that's because there are many factors that ultimately are not profitable for them. The most common thing that is often said is price volatility, while another is about the risk of the security of the storage wallet.

Anyone can expect to become rich by trading and investing, but they must be well versed in managing the risks involved. Strategy and self-control and a few other things have to be considered, so it has to be pretty balanced with the plans they have. I agree that it is not good to hope for quick riches with trading and investing, it means that we all have to go through a process that takes time.

One of the main problems with most traders is that they never really make a plan in the case they fail, it is obvious that this person assumed they could trade the markets with money that was not theirs, earn a fortune and then return the money that they took and no one will ever realize what they did, it seems that it never crossed their minds that there was a really high possibility that they will not get good results, especially since they decided to invest in meme coins, so if there is any newbie traders out there reading this then you need to make plans in the case you fail, it is obvious that is a scenario no one wants to happen to them, but it can happen regardless of whether you like it or not.

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Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

Quote from: https://cointelegraph.com/news/ex-cfo-that-stole-5m-to-trade-crypto-and-meme-stocks-gets-3-years-prison

The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison

This is quite heartbreaking for the chief financial officer to have lost a whole $5 million into a meme coin investment with public fund and now paying the price of his carelessness with a 3yrs imprisonment term. And this should be a very big lesson to everyone & most especially the "Newbies" never to invest public funds in crypto with the mindset of making profit, withdraw and refund, which is a very big risk due to the volatile nature of crypto market, and most especially "meme coins" which has the most volatility compared to Bitcoin, because only if had he invested such huge fund in Bitcoin, he stand the chance to have made much profits compared to the lose he made investing in meme coins.

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There is no guarantee that investors and traders can become rich because of their activities, that's because there are many factors that ultimately are not profitable for them. The most common thing that is often said is price volatility, while another is about the risk of the security of the storage wallet.

Anyone can expect to become rich by trading and investing, but they must be well versed in managing the risks involved. Strategy and self-control and a few other things have to be considered, so it has to be pretty balanced with the plans they have. I agree that it is not good to hope for quick riches with trading and investing, it means that we all have to go through a process that takes time.

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Quote from: Sterbens on May 02, 2023, 09:15:11 AM

Quote from: BobK71 on May 02, 2023, 12:17:45 AM

There are some investors who aim to get rich quick and invest without considering the fundamentals of any coin which once exposes them to huge risks. Due to excessive greed, many people make such investments with the aim of getting rich quick. Among them there are some investors who invest by borrowing the entire amount. Losing his own money does not have much effect, but if he loses borrowed money, he may have to go to a place like jail. So an investor should avoid get-rich-quick schemes. If he invests in Bitcoin he will recover his wealth even if he loses it but no other coin can expect this situation especially meme coins that are very risky.

Investing with the goal of wanting to get rich quick is the wrong mindset, in fact you could become a rich person through investing, but it's not as easy as you might think. It takes a long process to mature to be able to achieve large and stable profits. I heard that the average person who has the mindset of wanting to get rich quickly always fails in the investment world by leaving only debt. This mindset makes them careless and in a hurry to get profits without realizing the losses, so they always fall down and have to start over. If investing is based on greed and the mindset of wanting to get rich quick, then what's the difference with gambling.

To get rich, it takes time unless you win the lottery, which means you'll get rich instantly, but again, depending on how fast you get that money, that is also how fast you will lose it. For sure, those people who really want to get rich quickly haven't faced any problems, let's say in investing. Because we are too greedy for profit, we lost all of our money, which we learned lessons from. The same is true in real life: doing overtime and multiple jobs makes your health suffer. Everything takes time, and you should have patience with it.

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Quote from: BobK71 on May 02, 2023, 12:17:45 AM

There are some investors who aim to get rich quick and invest without considering the fundamentals of any coin which once exposes them to huge risks. Due to excessive greed, many people make such investments with the aim of getting rich quick. Among them there are some investors who invest by borrowing the entire amount. Losing his own money does not have much effect, but if he loses borrowed money, he may have to go to a place like jail. So an investor should avoid get-rich-quick schemes. If he invests in Bitcoin he will recover his wealth even if he loses it but no other coin can expect this situation especially meme coins that are very risky.

Investing with the goal of wanting to get rich quick is the wrong mindset, in fact you could become a rich person through investing, but it's not as easy as you might think. It takes a long process to mature to be able to achieve large and stable profits. I heard that the average person who has the mindset of wanting to get rich quickly always fails in the investment world by leaving only debt. This mindset makes them careless and in a hurry to get profits without realizing the losses, so they always fall down and have to start over. If investing is based on greed and the mindset of wanting to get rich quick, then what's the difference with gambling.

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Quote from: jeraldskie11 on May 02, 2023, 06:32:36 AM

Quote from: Oshosondy on May 02, 2023, 05:51:08 AM

I do not see the market changing at all, but trading is just not easy at all. Trading is easy to learn, but to use it to make money is not easy. The scariest thing about trading is that you can be professional and still lose

I didn't say the market was changing; I stated the market's habits were changing. If the market's habit is permanent, then we must all be profitable because the strategy we backtested has a better win rate. We all know that knowing the basics of trading is not difficult, but when we apply it in actual, it involves emotions every time we trade, which makes it tough to execute. Professional traders continue to lose money, but overall they are still profitable.

The phase is changing depends on the manipulation or the sentiment of the people. Although its not easy to get rich on trading but if we know the technical aspects it can increase our chances to win on our trades .

But the main thing on trading is we shouldn't get our emotion defeat us especially becoming more greedy since this is the one could give us a problem on our trades made.

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Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling.

Whenever we put in for trading, then we should know in the same view about what's at stake, which os either we win or loose an in the case of gambling even though trading is not gambling, but we take same risk because we uses our money for it and on the same view have the opportunity to earn or not.

Quote from: Oshosondy on April 28, 2023, 02:42:22 AM

Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.

Ofcourse if the price goes dip and the investor can hodl with more patient or target the bullrun, there's more likely possibilities to make more return on your investment but you need to hodl, this makes it not a good advice to lend money for an investment because you will be pressured for the refundment.

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Quote from: Oshosondy on May 02, 2023, 05:51:08 AM

I do not see the market changing at all, but trading is just not easy at all. Trading is easy to learn, but to use it to make money is not easy. The scariest thing about trading is that you can be professional and still lose

I didn't say the market was changing; I stated the market's habits were changing. If the market's habit is permanent, then we must all be profitable because the strategy we backtested has a better win rate. We all know that knowing the basics of trading is not difficult, but when we apply it in actual, it involves emotions every time we trade, which makes it tough to execute. Professional traders continue to lose money, but overall they are still profitable.

Topic: Trading not a get rich quick - page 8. (Read 1409 times)